Welcome to our dedicated page for Wm Technology SEC filings (Ticker: MAPS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
WM Technology, Inc. (Nasdaq: MAPS) files a range of documents with the U.S. Securities and Exchange Commission that provide detailed insight into its operations as a marketplace and technology solutions provider to the cannabis industry. These SEC filings cover its Weedmaps consumer marketplace, eCommerce and compliance software offerings for cannabis businesses and brands in U.S. state-legal markets, and its broader financial and governance profile.
On this page, investors can review periodic reports such as annual reports on Form 10-K and quarterly reports on Form 10-Q, which include audited or reviewed financial statements, discussions of key business metrics like average monthly paying clients and average monthly revenues per paying client, and explanations of the company’s use of non-GAAP measures such as EBITDA and Adjusted EBITDA. Current reports on Form 8-K provide updates on material events, including quarterly earnings announcements, annual meeting voting results, and changes in the board of directors or other corporate matters.
Stock Titan’s tools surface WM Technology’s filings in real time as they are posted to EDGAR and add AI-powered summaries to help explain complex sections, such as revenue recognition policies, non-GAAP reconciliations, or descriptions of the Weedmaps and WM Business offerings. Users can also access filings related to governance and compensation, such as proxy materials, and monitor any reported developments that may affect the company’s Nasdaq listing status or capital structure.
For those analyzing MAPS, this SEC filings page offers a structured way to read the source documents behind WM Technology’s public statements, understand its marketplace and software business model, and track how management describes risks, industry conditions, and financial performance over time.
WM Technology, Inc., operator of the Weedmaps cannabis marketplace and Weedmaps for Business software suite, describes a two-sided platform connecting consumers with licensed retailers and brands. The company generated $174.7 million in revenue and had 5,190 average monthly paying clients for the year ended December 31, 2025.
WM Technology highlights its capital‑light, software-driven model, extensive first‑party data and long operating history in cannabis technology as key strengths. It outlines growth plans to deepen marketplace engagement, expand into new U.S. markets as legalization advances, broaden SaaS offerings and pursue selective acquisitions.
The filing stresses substantial risks: dependence on evolving U.S. state cannabis laws versus continuing federal illegality, competition from illicit and hemp-derived products, high exposure to California, pricing and client retention challenges, ongoing material weaknesses in internal controls and past financial statement restatements, as well as active and potential litigation and regulatory scrutiny.
WM Technology, Inc. reported weaker 2025 results but remained profitable for the full year. Revenue was $43.1 million in the fourth quarter, down from $47.7 million a year earlier, leading to a net loss of $5.0 million versus prior net income of $3.7 million.
For full year 2025, revenue declined to $174.7 million from $184.5 million, while net income fell to $3.3 million from $12.2 million. Adjusted EBITDA was $39.8 million, down from $42.9 million. Cash increased to $62.4 million as of December 31, 2025, and total shares outstanding were 157.8 million.
The company expects first quarter 2026 revenue to decline by mid- to high-single digit percentages sequentially from the fourth quarter. WM Technology also appointed Nick Rellas, co-founder and former CEO of Drizly, to its board of directors.
WM Technology, Inc. has appointed Nicholas Rellas to its Board of Directors as a Class III director, effective March 5, 2026. He will serve until the company’s 2027 annual stockholder meeting, or until a successor is in place or his earlier departure.
The Board determined that Mr. Rellas qualifies as an independent director under Nasdaq Rule 5605(a)(2), and the company states there are no related-party transactions requiring disclosure. Under the Amended Non-Employee Director Compensation Policy, he received a one-time restricted stock unit grant valued at approximately $400,000, vesting in three equal annual installments on the dates of the next three annual stockholder meetings.
WM Technology also entered into its standard indemnification agreement with Mr. Rellas in connection with his appointment.
WM Technology, Inc. director Nicholas Antone Rellas reported an equity award of 466,309 shares of Class A Common Stock in the form of restricted stock units (RSUs). The shares were acquired at a stated price of $0.00 per share as a grant or award, and his direct holdings after the transaction total 466,309 shares.
Each RSU represents the right to receive one share of Class A Common Stock. The RSUs will vest in three equal annual installments on the dates of the next three annual meetings of stockholders, beginning with the company’s next annual meeting following the effectiveness of this grant, subject to any acceleration provisions and to Mr. Rellas’s continuous service under the company’s 2021 Equity Incentive Plan.
WM Technology, Inc. director Nicholas Antone Rellas filed an initial statement of beneficial ownership on Form 3. The filing identifies him as a director of the company but shows no reported transactions or changes in share ownership, serving as a baseline disclosure of his insider status.
WM Technology, Inc. Chief Technology Officer Sarah Griffis reported an open-market sale of 271,032 shares of Class A common stock at a weighted-average price of $0.6764 per share. According to the disclosure, this was a mandatory “sell to cover” transaction to satisfy tax withholding on vesting restricted stock units, not a discretionary trade. After the sale, she directly owned 1,528,968 shares of Class A common stock.
WM Technology, Inc. General Counsel Brian Camire reported an open-market sale of 101,209 shares of Class A common stock at a weighted-average price of $0.6764 per share. According to the disclosure, this was a mandatory “sell to cover” transaction to satisfy tax withholding obligations on vested restricted stock units, rather than a discretionary trade. After the sale, Camire beneficially owned 1,741,653 shares of Class A common stock directly.
WM Technology, Inc. director and Chief Executive Officer Douglas Francis reported an open-market sale of 103,019 shares of Class A common stock on February 18, 2026 at a weighted-average price of $0.6764 per share. According to the disclosure, this was a mandatory “sell-to-cover” transaction to satisfy tax withholding obligations related to vesting restricted stock units, and is described as not a discretionary trade by Francis.
After the sale, Francis directly held 8,467,787 shares of Class A common stock. The filing also shows substantial holdings of Class V common stock, which carry voting rights but no economic rights, held directly and through the Rebecca Francis Legacy Trust, Ghost Media Group, WM Founders Legacy I, and Genco Incentives. Footnotes state that each corresponding Class A unit and Class V share is exchangeable on a one-for-one basis into Class A common stock, with exchange rights that do not expire.
Technology, Inc., which trades on Nasdaq under the symbol MAPS, received a Nasdaq notice that its Class A common stock has closed below $1.00 for 30 consecutive business days, triggering a minimum bid price deficiency.
The company has 180 calendar days, until August 3, 2026, to regain compliance by having its closing bid at or above $1.00 for at least ten consecutive business days. If it fails, it may seek a second 180‑day period by transferring to the Nasdaq Capital Market and potentially effecting a reverse stock split.
If compliance is not restored within the allowed periods, the stock may be delisted from Nasdaq, though the company would have the right to appeal. Management states it intends to monitor the share price and evaluate options, while cautioning there is no assurance it will meet Nasdaq’s requirements.
Technology, Inc. entered into a new executive employment agreement with Chief Financial Officer Susan Echard effective January 30, 2026, providing a $460,000 base salary, a target bonus equal to 65% of salary, and eligibility for company benefits. The prior Executive Services Agreement with SeatonHill Partners, under which Echard had served as CFO, was terminated.
The Compensation Committee designated Echard for severance protections under the Amended and Restated Severance and Change in Control Plan, with different cash, equity vesting and health benefit terms for change-in-control terminations versus regular terminations, conditioned on a release of claims.
The Board appointed Harry DeMott and Brent Cox as independent Class II directors effective February 1, 2026, each receiving an initial restricted stock unit grant valued at approximately $400,000, vesting over three annual stockholder meetings. The Board also approved an Amended and Restated Non-Employee Director Compensation Policy effective January 1, 2026.